Why Snap's Stock Is Soaring Today

SNAP Inc SNAP is trading significantly higher Friday morning after the company announced better-than-expected financial results.

Snap reported second-quarter earnings of 10 cents per share, which beat the estimate for a loss of 1 cent per share. The company reported quarterly revenue of $982.11 million, which beat the estimate of $844.98 million. Daily active users increased 23% year-over-year to 293 million.

“Our second quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users at the highest rates we have achieved in the past four years,” said Evan Spiegel, CEO of Snap.

Analyst Assessment: Keybanc analyst Justin Patterson maintained Snap with an Overweight rating and raised the price target from $80 to $88.

Credit Suisse analyst Stephen Ju maintained Snap with an Outperform rating and raised the price target from $90 to $110.

Price Action: Snap is making a new 52-week high in trading today. 

At last check Friday, the stock was up 16.90% at $73.58.